- Abbott CEO Highlights Transformation of the Company Into a

                           Higher-Growth Business -

ABBOTT PARK, Ill., April 23 /PRNewswire-FirstCall/ -- At the annual meeting of Abbott Laboratories (NYSE: ABT) shareholders today, Chairman and Chief Executive Officer Miles D. White highlighted the company's progress over the last five years to transform Abbott into a higher-growth, highly innovative business.

"Abbott today is evolving into a much stronger company than it was even just a few years ago," said Mr. White. "We've built a single, integrated global pharmaceutical business with more than 60 compounds in development, with many in the final stages. Using best-in-class technologies, we've also doubled the number of quality drug candidates generated by discovery compared to just a few years ago. At the same time, we've expanded our portfolio of advanced-technology, high-growth medical products businesses.

"These changes represent the continued evolution of Abbott's broad-based approach to health care, targeting products and businesses that deliver patient value where the needs are greatest. This approach builds on our commitment to patient care through science and innovation. It also helps balance opportunities and risk across a diverse product portfolio to ensure consistent long-term returns."

Medical Products

In the medical products review, Mr. White discussed the company's investments to create a portfolio of high-growth businesses with a strong pipeline of new products. Key acquisitions in 2003 included TheraSense Inc., which Abbott is combining with its MediSense blood glucose monitoring business to form Abbott Diabetes Care, making Abbott the third largest provider of diabetes care products in a $5 billion market; ZonePerfect Nutrition Co., which positions Abbott's Ross Products Division in the rapidly expanding "healthy living" nutritionals segment; Integrated Vascular Systems and the coronary and endovascular product lines of JOMED N.V., which expand Abbott Vascular Devices' pipeline and product portfolio; Spinal Concepts Inc., which develops and markets devices that are used in spinal surgery to treat injury and correct deformities; and i-STAT Corp., a point-of-care diagnostics business that provides immediate results at the patient's bedside.

Abbott's pipeline of medical products includes several systems and tests in diagnostics; carotid and drug-eluting stents and other advanced products in vascular devices; a strong development program in the fast-growing molecular diagnostics market; and innovative diabetes care products, including a continuous blood glucose monitor that replaces traditional testing with a sensor inserted under the skin.

One of the key steps in the evolution of Abbott's medical products business was the creation of a new, independent hospital products company, which has been named Hospira, Inc. This will allow Abbott to devote more resources to higher-growth pharmaceuticals and advanced-technology medical products. It also will allow Hospira to focus its resources exclusively on leading the industry in medication delivery systems and specialty injectable pharmaceutical technologies. Hospira will begin trading on the New York Stock Exchange as an independent company on May 3, 2004.

Pharmaceutical Products

In the pharmaceutical products business review, Mr. White pointed to the successful launch of HUMIRA(R) (adalimumab), Abbott's self-injectable biologic treatment for rheumatoid arthritis (RA), as a key accomplishment for the company. HUMIRA exceeded first-year sales expectations and captured an increasing share of the adult RA self-injectable treatment market. In addition, Abbott is pursuing six additional indications for HUMIRA, several of which represent $500 million in potential sales each.

In the last five years, Abbott also added nine major global brands, more than doubling the number of branded pharmaceuticals whose sales currently exceed $200 million annually -- resulting in tremendous commercial momentum for the business.

Mr. White cited Abbott's industry-recognized pipeline of innovative medicines and continued investment in advanced discovery technologies as keys to building on the success of the company's pharmaceutical business.

Abbott's Global Citizenship

Mr. White also discussed the company's global citizenship initiatives. He highlighted a recent visit to Romania, where Abbott contributes HIV/AIDS products and funds infrastructure improvements and health professional training. One of Abbott's most visible efforts of the past year was breaking ground on an outpatient clinic for the treatment of HIV/AIDS patients at the largest public hospital in Tanzania. Abbott also continued to provide HIV/AIDS medicines in developing countries around the world at a loss to Abbott, as well as millions of HIV tests at no profit to the company.

In addition to Abbott's citizenship around the world, the company continues to participate in the industry's Together Rx(TM) program for qualified patients on Medicare. Abbott also launched the HUMIRA Medicare Assistance Program in the United States, and the company continues to offer the Abbott Patient Assistance Program for those in financial need. Together, these two Abbott programs donated more than $120 million worth of the company's medicines to patients last year.

Mr. White concluded, "We are reshaping Abbott to better meet patients' greatest medical needs, and in doing so, we are transforming the company into a higher-growth business. We are a stronger, more focused company as a result of the changes we've made."

Shareholder Proposals

During the meeting, shareholders defeated the four proposals that had been submitted. In addition, the shareholders ratified the selection of Deloitte & Touche LLP as auditors of the corporation for 2004.

Abbott's 13 incumbent directors also were elected to the board of directors during the annual meeting. They are listed below:

     -- Roxanne S. Austin, former president and chief operating officer,
        DIRECTV, Inc.;
     -- H. Laurance Fuller, retired co-chairman of the board, BP Amoco plc;
     -- Richard A. Gonzalez, president and chief operating officer, Medical
        Products Group, Abbott Laboratories;
     -- Jack M. Greenberg, retired chairman and chief executive officer,
        McDonald's Corporation;
     -- Jeffrey M. Leiden, M.D., Ph.D., president and chief operating officer,
        Pharmaceutical Products Group, Abbott Laboratories;
     -- The Rt. Hon. Lord Owen CH, executive chairman, Global Natural Energy
        plc;
     -- Boone Powell Jr., retired chairman, Baylor Health Care System;
     -- Addison Barry Rand, chairman and chief executive officer, Equitant;
     -- W. Ann Reynolds, Ph.D., retired director, Center for Community
        Outreach and Development, The University of Alabama at Birmingham;
     -- Roy S. Roberts, managing director, Reliant Equity Investors;
     -- William D. Smithburg, retired chairman, president and chief executive
        officer, The Quaker Oats Company;
     -- John R. Walter, retired president and chief operating officer, AT&T
        Corporation; and former chairman and chief executive officer, R.R.
        Donnelley & Sons Company; and
     -- Miles D. White, chairman and chief executive officer, Abbott
        Laboratories.

Abbott Laboratories is a global, broad-based health care company devoted to the discovery, development, manufacture and marketing of pharmaceuticals and medical products, including nutritionals, devices and diagnostics. The company employs more than 70,000 people and markets its products in more than 130 countries.

Abbott's news releases and other information, including a copy of today's annual meeting presentation, are available on the company's Web site at www.abbott.com .

SOURCE  Abbott Laboratories
    -0-                             04/23/2004
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